Vanguard creates new wealth division, hires industry veteran

Vanguard has announced the formation of a new Advice & Wealth Management division, aiming to enhance services for clients through improved technology and offerings. Joanna Rotenberg, an experienced leader in the financial sector, will join Vanguard to head this new division starting in January 2025. Rotenberg, who has previously held significant roles at Fidelity and BMO Financial Group, will also be part of Vanguard's senior leadership team.

The new division is set to build on Vanguard's rapidly growing advice and wealth management businesses, which are part of a larger, expanding market segment. These businesses align with Vanguard's foundational approach of offering high-quality, diversified, and low-cost solutions.

Vanguard CEO Salim Ramji expressed confidence in Rotenberg's ability to expand the firm's advice and wealth management offerings, emphasizing the firm's commitment to their clients. Rotenberg shared her enthusiasm for leading the new group and her respect for Vanguard's client-centric philosophy.

Alongside the creation of the new division, Vanguard announced several changes to its senior leadership to enhance client focus and digital capabilities. Matt Benchener will maintain his role as managing director and head of the Personal Investor business, focusing on digital client experiences and other key services. John James, previously managing director of the Institutional Investor Group, will now oversee Workplace & Advisor Solutions. Lauren Valente has been appointed head of the Institutional Investor Group.

Jon Couture will join Vanguard as managing director and member of the senior leadership team, succeeding Lauren as the chief human resources officer. Couture brings extensive experience in human resources within the financial services industry, having worked with companies like Principal Financial Group (NASDAQ:PFG ) and Wells Fargo (NYSE:WFC ).

These strategic changes are part of Vanguard's efforts to sharpen client focus, advance digital impact, and strengthen leadership. Ramji welcomed the new additions and congratulated existing team members on their new roles.

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Source: Investing.com